It has become increasingly important for Bitcoin owners to keep their cryptocurrency in safe storage, so there are many wallets designed by various companies. Additionally, new types of wallets are being developed all the time, some with specific features that cater to bitcoin users.
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Below is a list of the most highly-rated bitcoin wallets for storing your cryptocurrency.
What is Bitcoin Wallet?
A wallet is a place where you store your bitcoins. It can be compared to a bank account, but it is used for storing bitcoins, not fiat currency. There are two types of wallets: software and web. Each wallet has an address (a number), which begins with a 1 or 3 and can be used to receive bitcoins from other people and send your own coins.
How Many Types of Bitcoin Wallet do we Have?
There are four main types:
1. Desktop Wallet
You can download it onto your PC, laptop, or mobile phone. A desktop wallet downloads the entire blockchain history to your computer, so make sure you have enough space for all transactions. It is very secure in that only YOU control everything on your own device, but it is relatively hard to back up and transport because of its size. Importantly, make sure to encrypt your wallet and back it up frequently.
2. Mobile Wallet
Apps are downloadable from Playstore or Appstore to your device. The blockchain is put onto the device so only you have access to it. While this makes it very easy to use, not many websites are designed for mobile use so they will be difficult to navigate. Popular options include MyCelium, BreadWallet, and CoPay.
3. Web Wallet
This is an online wallet hosted by a website or company. It is the least secure because it allows complete access to your bitcoins to the webserver which hosts it. On the other hand, this makes them easy ‘to use and access. The most popular option is Blockchain.info, which also offers a mobile app for iOS and Android.
4. Paper Wallet
This involves printing out your public AND private keys (the unique key to accessing your bitcoins) on paper. It is very secure as no one else can ever get access to them, but it is quite complicated to use, as you need to manually type in your keys every time you want to send bitcoins.
Top-Rated Wallets Available for Bitcoin Owners
Which Wallet Is the Best?
The following are our top three favorite bitcoin wallets:
This is a new browser-based and mobile app wallet that allows you to keep your currencies in an online web-based portfolio. You can also use this as an exchange platform and trade various cryptocurrencies, as well as store them safely for future transactions.
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Coinbase
Coinbase is one of the most popular exchange sites right now. It has over 10 million registered users and 2.2 million daily visitors. With Coinbase, you can buy bitcoin but also Etherium, Litecoin, and other cryptocurrencies using a credit card, bank transfer, or SEPA transfer.
Coinsmart is a simple and easy-to-use wallet that allows you to send or receive bitcoins (and also Etherium and Litecoin). You can sign up by entering your email address and creating a strong password (do not lose it, you will need to access the wallet in the future). You can also download their mobile apps for iOS or Android.
We have already reviewed this model, it is a hardware wallet that stores your coins offline. With support for more than 700 cryptocurrencies, it can keep your bitcoins very safe. The Ledger Nano S is relatively small in comparison with other wallets and the most popular option among buyers.
It was one of the first hardware bitcoin wallets ever released, but even nowadays after so many years on the market, it still provides excellent security for your private keys. It is a small device with a curved display.
Bitcoin Core is the most popular wallet on OS X and Windows desktops, it has been around since 2008 and was created by Satoshi Nakamoto. Bitcoin Core stores all of your transactions in a local copy of the blockchain, which means you only need to download 1% of it (instead of downloading the whole thing). However, this wallet should not be used for mining (it will make your computer run hot) or for bitcoin transfers over Tor (you can read more about why here ).
The BTC wallet is an online web wallet that allows you to send and receive bitcoins. The only information you need to set up an account is your email address and password. They will not disclose any of your personal information to third parties or anyone else. BTC Wallet’s servers are protected by bank-level security, and the company has never been hacked in the more than 8 years it has been operating.
Zengo is a digital wallet that allows you to keep your bitcoins, Etherium, and Litecoin in a secure web-based portfolio. You can set up a 4-digit PIN code to access your account. You can also customize your portfolio page based on your preferences.
Gemini is a popular choice for bitcoin users who reside in the USA. It was created by the famous Winklevoss Twins and offers a secure wallet that allows you to keep your bitcoins, Etherium and Litecoin. It also offers two-factor authentication (2FA) for additional security.
This is a popular mobile app with strong security features. It supports Bitcoins, Litecoins, and other digital currencies; it uses HD wallets, offers the ability to connect with other devices (i.e. other phones), has an easy-to-use QR code scanner, Shapeshifts integration, and more.
ECOS is a web-based hardware wallet that allows you to use it in conjunction with a Raspberry Pi to protect your coins. It has a user-friendly interface and supports many cryptocurrencies (including Bitcoins, Litecoins, dogecoins, and ripple). Furthermore, it offers two-factor authentication (2FA) and the ability to create a cold wallet for USD funds.
Final Thought
There are several different bitcoin wallets available for users to choose from. In this guide, we have provided a list of the top 5 bitcoin wallets which we recommend. We hope this information will help you make an informed decision and choose the wallet which is best suited for your needs.
